# Test 5: KAOPEN — Channel Routing

Does financial openness change which channel demographics use?

| Channel | Z₁ (base) | Z₁×KAOPEN | N |
|---|---|---|---|
| Savings | 110.975*** | -11.521 | 5885 |
| Investment | 31.246*** | -3.540 | 5857 |
| CA | 34.968*** | 10.087 | 6780 |

*KAOPEN is continuous Chinn-Ito index. Positive Z₁×KAOPEN = openness amplifies demographic channel.*
